As of December 2015, the People’s Republic of China (China) took over the 2016 presidency of G20. As of December 2013, Turkey became member of the Troika which is the main steering mechanism of the G20 and maintained its role under the Chinese presidency. As in the previous two years, our Bank contributed to the steering of the G20 meeting agenda in the third year of the troika. In this context, the CBRT together with the Undersecretariat of Treasury contributed to writing of issues notes, which are shared with G20 members before the “Finance Ministers and Central Bank Governors” and “Finance and Central Bank Deputies” meetings.

Under the Chinese Presidency, the CBRT participated in five “Advisors to Treasury and Central Bank Deputies”, four “Finance Ministers and Central Bank Governors”, three “International Financial Architecture” and three “Framework for Strong, Sustainable and Balanced Growth” working group meetings. Our Bank contributed to writing of the documents prepared by G20 “International Financial Architecture” and “Framework for Strong, Sustainable and Balanced Growth” working groups. In addition, together with the Undersecretariat of Treasury, our country comments were reflected in the Communiqués that were declared after “Finance Ministers and Central Bank Governors” meetings. The outcomes of these meetings and the reports of the working groups led to preparation of the G20 Leaders’ Communiqué which was announced at the Leaders’ Summit.

The CBRT was one of the participants signing an agreement with the IMF under the 2012 Borrowing Agreements, which came into force in order to strengthen the quota resources of the IMF. The expiration of the bulk of these agreements by the end of the last quarter of 2016 led to the debate over the adequacy of the IMF’s lending capacity in the presence of downside risks to the global economy. In this respect, our Bank participated in the technical studies carried out by the IMF to extend access to bilateral resources through “2016 Borrowing Agreements”. An important contribution made to these studies by the CBRT was improvement of the draft agreements in favor of the creditors.

“The Meetings of Central Banks and Monetary Authorities of Organization of Islamic Cooperation (OIC) Member Countries”, scheduled to take place regularly every year, have not been realized due to the low number of participants in 2015 and 2016. In line with the importance attributed to the subject, the CBRT has organized the meetings three times since 2009 and also volunteered to host the organization in 2017. This intention of the CBRT has come to the agenda and been approved, at the Thirty Second Meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC), on 21‑24 November 2016, in İstanbul.